I had similar problems with my 90 240, I changed my CPS-the wire leading up to the connector was frayed. Definitely check if it is frayed or has a yellow band around the wire-if either is a yes, change it. Check for additional info on it in the 700/900 FAQ.
Truthfully though, there are lots of things to check/do-is your throttle body clean? How's the power stage on the inner fender?
Someone on here with more experience with the different years of 240s might be able to advise better, but I don't think there is all that much more of an advantage/difference in the electrical & fuel systems in a 1989 model.
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